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Britain, France and Germany are working to prepare new sanctions on Iran to present at an October 15 meeting of the European Union foreign affairs council. According to the Financial Times, the new sanctions would affect four economic areas.

First, the EU would impose further restrictions on financial transactions with Iranian banks. Second, ban the import of goods that Iran can use for its nuclear program. Third, a so-called big push by the EU to enforce the oil embargo and prevent Iran from using any oil revenue to fund nuclear development. And fourth, look at ways to prevent Iran from dodging restrictions on its shipping operations.

The U.S. and EU sanctions are putting intense pressure on Iran's economy, which admits to an official inflation rate of 23.5%, but it is likely to be much higher.

Any further negotiations with Iran are unlikely to occur until after the U.S. elections in November.